Chartis defines leaders as providing offerings specifically designed for the insurance industry. SAS Risk Management for Insurance includes an insurance-specific data model for complex risk analytics and a reporting repository containing more than 60 prebuilt Solvency II reports.

“Despite the increasing costs and complexity of the Directive, Solvency II still represents major benefits for the European insurance industry,” notes the report. Per Chartis, insurers are increasingly switching attention from the quantitative aspects for Solvency II, such as Pillar 1, to more qualitative aspects found in Pillar 2 and the reporting requirements of Pillar 3.

Chartis complimented early adopters of Solvency II as “forward looking insurers who implemented an end-to-end solution, from data management to risk analysis to reporting, designed specifically for Solvency II.”

Chartis points out the global expansion of Solvency II, which was originally viewed as a European insurance regulation, citing similar regulations in Japan, Canada, South Africa and other countries. Also, the US-based National Association of Insurance Commissioners (NAIC) introduced the Solvency Modernisation Initiative (SMI), which contains similar requirements.

“We’re delighted to be ranked as a category leader on the ChartisRiskTech Quadrant for Solvency II Technology Solutions. With the introduction of EU wide Solvency II regulations, risk management has been propelled from a back office concern to an organisation-wide priority for the insurance industry,” said Simon Kirby, Solvency II specialist, SAS UK & Ireland comments.

“The SAS solution has been designed to address the challenges of meeting needs of regulators, the markets and shareholders. It enables insurers to improve the quality and timeliness of risk information, empower confident decision-making, and ensure compliance with internal and external controls in a responsive and flexible manner – both now and in the future.”